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Evidence Guide: TLIP5025 - Set and achieve budgets

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

TLIP5025 - Set and achieve budgets

What evidence can you provide to prove your understanding of each of the following citeria?

Plan budget requirements

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Financial flows for budgetary periods are planned and scheduled in accordance with workplace requirements

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Information on costs and resource utilisation is fully assessed and correctly interpreted

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Effective action is taken to reduce costs and enhance value to customer and/or workplace

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Monitor budget and take corrective action

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Corrective action is taken in response to actual or potential significant deviations from financial plans

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Where a budget under- or over-spend is likely to occur, appropriate people are informed with minimum delay

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Prompt, corrective action is taken in response to actual or potential significant deviations from budget

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Monitor expenditure

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Expenditure made is within agreed limits and future spending requirements are not compromised, in accordance with workplace policy and procedures

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Requests for expenditure outside limits of responsibility are referred to appropriate persons

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Expenditure is phased, in accordance with a planned time scale as required

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Review and modify budget

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Actual income and expenditure is checked against agreed budgets at regular, appropriate intervals

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Necessary authority for changes in allocation between budget heads is obtained in advance of requirement

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Modifications made to agreed budgets during the accounting period are consistent with agreed guidelines and are correctly authorised

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1

Plan budget requirements

1.1

Financial flows for budgetary periods are planned and scheduled in accordance with workplace requirements

1.2

Information on costs and resource utilisation is fully assessed and correctly interpreted

1.3

Effective action is taken to reduce costs and enhance value to customer and/or workplace

2

Monitor budget and take corrective action

2.1

Corrective action is taken in response to actual or potential significant deviations from financial plans

2.2

Where a budget under- or over-spend is likely to occur, appropriate people are informed with minimum delay

2.3

Prompt, corrective action is taken in response to actual or potential significant deviations from budget

3

Monitor expenditure

3.1

Expenditure made is within agreed limits and future spending requirements are not compromised, in accordance with workplace policy and procedures

3.2

Requests for expenditure outside limits of responsibility are referred to appropriate persons

3.3

Expenditure is phased, in accordance with a planned time scale as required

4

Review and modify budget

4.1

Actual income and expenditure is checked against agreed budgets at regular, appropriate intervals

4.2

Necessary authority for changes in allocation between budget heads is obtained in advance of requirement

4.3

Modifications made to agreed budgets during the accounting period are consistent with agreed guidelines and are correctly authorised

Required Skills and Knowledge

ELEMENTS

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1

Plan budget requirements

1.1

Financial flows for budgetary periods are planned and scheduled in accordance with workplace requirements

1.2

Information on costs and resource utilisation is fully assessed and correctly interpreted

1.3

Effective action is taken to reduce costs and enhance value to customer and/or workplace

2

Monitor budget and take corrective action

2.1

Corrective action is taken in response to actual or potential significant deviations from financial plans

2.2

Where a budget under- or over-spend is likely to occur, appropriate people are informed with minimum delay

2.3

Prompt, corrective action is taken in response to actual or potential significant deviations from budget

3

Monitor expenditure

3.1

Expenditure made is within agreed limits and future spending requirements are not compromised, in accordance with workplace policy and procedures

3.2

Requests for expenditure outside limits of responsibility are referred to appropriate persons

3.3

Expenditure is phased, in accordance with a planned time scale as required

4

Review and modify budget

4.1

Actual income and expenditure is checked against agreed budgets at regular, appropriate intervals

4.2

Necessary authority for changes in allocation between budget heads is obtained in advance of requirement

4.3

Modifications made to agreed budgets during the accounting period are consistent with agreed guidelines and are correctly authorised

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria on at least one occasion and include:

applying basic accounting principles to budgetary processes

applying relevant legislation and workplace procedures

communicating effectively with others when setting and achieving budgets

completing documentation and entering data related to setting and achieving budgets

making calculations when setting and achieving budgets

maintaining budgetary records and documentation

modifying activities to cater for variations in workplace contexts and environment

monitoring work activities in terms of planned schedule

operating electronic communications equipment to required protocol

prioritising work and coordinating self and others in relation to workplace activities

providing leadership and working collaboratively with others when setting and achieving budgets

reading and interpreting budgetary documents, financial statements and reports, and workplace policies and procedures relevant to setting and achieving budgets

reporting and/or rectifying identified problems promptly, in accordance with regulatory requirements and workplace procedures

selecting and applying appropriate technology, information systems and procedures

working systematically with required attention to detail.

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria and include knowledge of:

accountancy practices relevant to budgetary control

budgetary control systems

budgetary procedures and policies

budgetary systems, resources, management and workplace operating systems

limits of authorised expenditure

problems that may occur when setting and achieving budgets and action that can be taken to report or resolve these problems

quality and customer service standards, policies and procedures

relevant regulations, codes of practice and legislative requirements

resource availability including the competencies of individuals in the team/group

risks that may exist when setting and achieving budgets and ways of controlling these risks

workplace processes for setting and achieving budgets.

Range Statement

Range is restricted to essential operating conditions and any other variables essential to the work environment.

Non-essential conditions can be found in the Companion Volume Implementation Guide.